Delinquent Mortgage Loan definition

Delinquent Mortgage Loan. The meaning ascribed thereto in Section 11.02.

Delinquent Mortgage Loan means any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for 30 days or more following the original Due Date for such Monthly Payment.

Delinquent Mortgage Loan. As defined in Subsection 14.01(b).

Examples of Delinquent Mortgage Loan in a sentence

• There are no circumstances or conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit standing that may cause: (a) private institutional investors or a Takeout Investor to regard the Mortgage Loan as an unacceptable investment; or (b) the Mortgage Loan to become a Delinquent Mortgage Loan or adversely affect the value or marketability of the Mortgage Loan.

• Notwithstanding and in addition to the foregoing, in the event that (i) a Mortgage Loan becomes delinquent for a period of ninety (90) days or more (a “Delinquent Mortgage Loan”) or (ii) a Mortgage Loan becomes an REO Property, the Purchaser may at its election terminate this Agreement with respect to such Delinquent Mortgage Loan or REO Property without payment of a termination fee therefor upon 15 days’ written notice to the Servicing Administrator.

More Definitions of Delinquent Mortgage Loan

Delinquent Mortgage Loan. A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period.

Delinquent Mortgage Loan means an Eligible Mortgage Loan on which any scheduled payment of principal or interest is 30 days or more contractually delinquent.

Delinquent Mortgage Loan. Any mortgage loan with respect to which the related Mortgagor is greater than thirty (30) calendar days delinquent following the first date of delinquency under the MBA method of delinquency.

Delinquent Mortgage Loan. A Mortgage Loan is delinquent if the Monthly Payment due thereon is not received by the close of business on the day the related Monthly Payment is scheduled to be made, after taking into account any applicable grace period, in accordance with the terms of the related Mortgage Note and until such delinquency is subsequently cured.

Delinquent Mortgage Loan. Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), each Mortgage Loan in foreclosure, all REO Property and each Mortgage Loan for which the Mortgagor has filed for bankruptcy (but not including any Liquidated Mortgage Loan (or related REO Property) as of the end of the related Prepayment Period).

Delinquent Mortgage Loan means a Mortgage Asset under which the Obligor is 30 or more days in payment default or the Obligor has taken any action, or suffered any event of the type described in Section 8.1(f), (g) or (h) of the Repurchase Agreement, or is in foreclosure.

Delinquent Mortgage Loan means 59-Day Delinquent Mortgage Loans and 89-Day Delinquent Mortgage Loans.